🤠🏡 Selling Austin #9

Hi everyone! Thrilled you’re here - welcome!

Pay attention to what’s happening with mortgage applications and an unbelievable update on the StoryBuilt developer drama 🚩

Let’s go!

WHAT'S INSIDE

• 🔢 THE DATA

• 🤠 WHAT’S HAPPENING IN TOWN

• 👀 DEAL OF THE WEEK

• ⁉️ WHAT THIS INFORMATION MEANS FOR YOU

• 🤤 HOUSE WORTH DROOLING OVER

🔢 THE DATA

New home mortgage applications increased 15.7% year-over-year according to the Mortgage Bankers Association (MBA)

• Builders are offering reduced rates when buyers use their preferred lenders

• David Weekly Austin - offering 4.99% on select homes

The MBA is projecting the Fed will have its first rate cut in June ✂️ 

• There is an inverse relationship between competition and rates

• Lower rates = higher competition (multiple offers)

🤠 WHAT’S HAPPENING IN TOWN

If you’ve been in Austin a while you might know that 10 years ago - Leander was completely undeveloped. Fast forward to today, it is one of the fastest growing suburbs outside of Austin.

There is more growth ahead - the Leander city council green lit an $84M proposal to built 1.3M square feet of industrial space on 115 acres.

🔍️ Psst: Looking for investment properties? Start here. The value of the land around this development will skyrocket as it gets closer to completion.


🚩A month ago - we talked about the egregious mismanagement at Storybuilt
Check out the thread below for the full deep dive

I have some updates and it’s pretty unbelievable. Here is the TLDR:

• Former StoryBuilt CEO Anthony Siela is avoiding being served

• StoryBuilt lost $4.5M on a Seattle development but paid investors a 35% return. How?

  • For a Denver development StoryBuilt raised $6M and used this money to pay the Seattle investors

  • Some Seattle investors were also investors in Denver

  • This is what we call robbing Peter to pay Paul…

• Some existing Storybuilt projects have not been worth saving from foreclosure. Others are searching for buyers.

👀 DEAL OF THE WEEK

Neighborhood spotlight: East Austin

Two days ago they had a $40,000 price cut.

For similar properties sold in the last 3 years, the median price per square foot (ppsqft) was $467. The ppsqft on 2703 Webberville is $309.

Listed at: $648,000
Kirtana’s Suggestion: $630,000

When I talk about similar/comparable properties (comps) - I make sure to remove as much variance as possible so we are doing an apples to apples comparison.

I compare properties with similar:
- Location
- Year built
- Lot size
- Square footage
- Beds/Baths
- Finishes/upgrades

⁉️ WHAT THIS INFORMATION MEANS FOR YOU

If you’re a buyer/seller/investor/renter or just interested in real estate - this weekly newsletter will help guide your decision making and help you better understand the market.

🤤 HOUSE WORTH DROOLING OVER

You’ve heard this before…LOCATION, LOCATION, LOCATION. They don’t make them like this anymore. 14,000 sqft on Congress Ave. $18,000,000

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